Intellitec Recapitalizes for Explosive Growth
July 29, 2020
DeLand, Florida – Intellitec Products, LLC announced the successful recapitalization of the Company. The new financing provides for the purchase of the 34,000 square feet of manufacturing facilities on a 9 acre campus, new capital equipment for manufacturing, elimination of expensive debt, and working capital to expand engineering and marketing to aggressively grow the business
Patrick O’Neill, Chairman and CEO stated “Our team has worked very hard to put the Company in a great position to meet and exceed our customers’ current and future needs. We have a strong business plan to aggressively grow our business in the RV, truck, bus, specialty vehicle, emergency vehicle, marine and contract manufacturing markets.”
“The new financing allows us to invest and expand our capabilities in engineering, marketing, manufacturing, and quality while improving cash flow. We are increasing our capability to support the needs of our customers for domestic supply of innovative electronic products, assemblies, and harnessing by expanding our vertical integration.” Intellitec President Ned Schiff added “Our focus is to provide increased value to our customers. We have launched four new products over the past year that meet this objective. The financing will enable us to expand and increase the velocity of our new product development. We will continue to provide smarter products with more communications capabilities.” Schiff continued, “The investment in manufacturing equipment is very exciting. This will expand our capabilities, capacity, and quality while reducing lead times and costs. We will have expanded capabilities in printed circuit board manufacturing, harnessing, and testing for our products and for contract manufacturing services.”
“It is a very exciting time to be part of Intellitec and our industries.” added Schiff. “The additional intelligence and functionality we are adding to our products, combined with higher quality, lower costs, and reduced lead-times, provides tremendous value to our customers.”
For more information about Intellitec’s manufacturing capabilities, head over to the Contact Page and send us a message.